An ultra-shallow surface channel MOS transistor and method for fabricating the same have been provided. The method comprises: forming CMOS source and drain regions, and an intervening well region; depositing a surface channel on the surface overlying the well region; forming a high-k dielectric overlying the surface channel; and, forming a gate electrode overlying the high-k dielectric. Typically, the surface channel is a metal oxide, and may be one of the following materials: indium oxide (In2O3), ZnO, RuO, ITO, or LaX-1SrXCoO3. In some aspects, the method further comprises: depositing a placeholder material overlying the surface channel; and, etching the placeholder material to form a gate region overlying the surface channel. In one aspect, the high-k dielectric is deposited prior to the deposition of the placeholder material. Alternately, the high-k dielectric is deposited following the etching of the placeholder material.